Stocks Steady In Mixed Trade; Best Buy, Netflix Jump

Stocks added to early gains and trade turned mixed near midday Thursday, as investors placed bets on a congressional compromise.

The Nasdaq defended its 1.8% advance. The S&P 500 stood firm on a 1.6% gain. The Dow Jones industrial average was ahead 1.5%.

Volume switched up, as an early surge on the Nasdaq evaporated, leaving volume down 18% near midday. NYSE volume remained 10% above levels at the same time Wednesday.

The stock market today showed a little optimism goes a long way. Markets appeared to take strength Thursday morning from flashes of a spirit of compromise between Congress and the White House. News reports detailed a six-week debt limit increase proffered by House Republicans to the House GOP caucus. The proposal was reportedly presented after Treasury Secretary Jack Lew directly warned lawmakers he could not guarantee payments to any group, including Social Security recipients and U.S. bondholders, without an increase in the federal debt ceiling.

Speaker John Boehner was preparing to speak at a news conference following a meeting among House Republicans.

Gains were tall and broad Thursday morning, with some 450 of the S&P 500 stocks and more than 95% of IBD's 197 industries gaining in morning trade. Leading stocks were also in good stead, as nearly all IBD 50 stocks defended early advances ahead of the lunch hour.

Best Buy (BBY) scorched ahead 7% in big trade, taking back the week's early losses and then some. The stock had pulled back from a three-weeks-tight pattern to test support at its 10-week moving average.

Beaumont, Texas-based electronics chain Conn's (CONN) swept up 6% in busy action. The stock has been correcting sharply since early September, and remains just below its 10-week line.

Netflix (NFLX) rattled off a 5% gain in nearly three times its average trade. The rebound from 10-week support left the streaming and mail order film rental outfit less than 1% from its Oct. 3 high.

On the downside, Citrix Systems (CTXS) remained down 12%, the S&P 500's worst performance of the morning. The cloud-based software developer warned late Wednesday its third-quarter results would miss expectations.

Stocks added to early gains and trade turned mixed near midday Thursday, as investors placed bets on a congressional compromise.

The Nasdaq defended its 1.8% advance. The S&P 500 stood firm on a 1.6% gain. The Dow Jones industrial average was ahead 1.5%.

Volume switched up, as an early surge on the Nasdaq evaporated, leaving volume down 18% near midday. NYSE volume remained 10% above levels at the same time Wednesday.

The stock market today showed a little optimism goes a long way. Markets appeared to take strength Thursday morning from flashes of a spirit of compromise between Congress and the White House. News reports detailed a six-week debt limit increase proffered by House Republicans to the House GOP caucus. The proposal was reportedly presented after Treasury Secretary Jack Lew directly warned lawmakers he could not guarantee payments to any group, including Social Security recipients and U.S. bondholders, without an increase in the federal debt ceiling.

Speaker John Boehner was preparing to speak at a news conference following a meeting among House Republicans.

Gains were tall and broad Thursday morning, with some 450 of the S&P 500 stocks and more than 95% of IBD's 197 industries gaining in morning trade. Leading stocks were also in good stead, as nearly all IBD 50 stocks defended early advances ahead of the lunch hour.

Best Buy (BBY) scorched ahead 7% in big trade, taking back the week's early losses and then some. The stock had pulled back from a three-weeks-tight pattern to test support at its 10-week moving average.

Beaumont, Texas-based electronics chain Conn's (CONN) swept up 6% in busy action. The stock has been correcting sharply since early September, and remains just below its 10-week line.

Netflix (NFLX) rattled off a 5% gain in nearly three times its average trade. The rebound from 10-week support left the streaming and mail order film rental outfit less than 1% from its Oct. 3 high.

On the downside, Citrix Systems (CTXS) remained down 12%, the S&P 500's worst performance of the morning. The cloud-based software developer warned late Wednesday its third-quarter results would miss expectations.

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03/02/2015 07:20 PM ET

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